Rhode Island Financing Statement

• Category: Contracts - Sale of Goods
• State: Multi-State
• Control #: US-01693-AZ
• Format: Word; Rich Text

Description

This form is a UCC financing statement, used to record a security interest on personal property. Rhode Island Financing Statement is a legal document filed with the Rhode Island Secretary of State by a creditor to establish their security interest in a debtor's personal property as collateral for a loan or other financial transactions. This statement provides important information about the creditor, debtor, and collateral involved in the transaction. It is a crucial step to protect the creditor's interests in case of default or bankruptcy by the debtor. The Rhode Island Financing Statement is governed by the Uniform Commercial Code (UCC), specifically Article 9, which is applicable in all states including Rhode Island. This UCC provision ensures uniformity and consistency in commercial transactions throughout the United States. A Rhode Island Financing Statement typically includes various key elements such as: 1. Secured Party Information: This includes the name, address, and contact details of the creditor or secured party who holds the security interest. 2. Debtor Information: This section includes the name, address, and contact details of the debtor who owes the debt and grants the security interest in their personal property. 3. Collateral Description: Here, a detailed description of the collateral being used as security is provided. This may include specific information such as serial numbers, model names, or other identifying characteristics. 4. UCC Filing Number: Once filed, the Rhode Island Financing Statement is assigned a unique UCC filing number. This number serves as a reference for future transactions or inquiries related to the financing statement. In addition to the standard Rhode Island Financing Statement, there are other types or variations of financing statements that may apply in certain situations: 1. Amendment Statement: This type of financing statement is used to modify or amend an existing financing statement. It is filed when there are changes to the original information, such as a change in the debtor's name, address, or collateral description. 2. Termination Statement: A termination statement is filed by the creditor to officially release their security interest in the debtor's collateral. This is typically done when the debt is fully paid off, or when the security interest is no longer required. 3. Continuation Statement: A continuation statement is filed prior to the expiration of a financing statement to extend its validity beyond its initial five-year term. This ensures that the security interest remains valid even after the expiration date. It is essential to file the correct type of Rhode Island Financing Statement to ensure compliance with the laws and to protect the creditor's rights. Adequate and accurate filing of these statements helps establish clear ownership and priority rights in the event of disputes or insolvency proceedings.

Rhode Island Financing Statement is a legal document filed with the Rhode Island Secretary of State by a creditor to establish their security interest in a debtor's personal property as collateral for a loan or other financial transactions. This statement provides important information about the creditor, debtor, and collateral involved in the transaction. It is a crucial step to protect the creditor's interests in case of default or bankruptcy by the debtor. The Rhode Island Financing Statement is governed by the Uniform Commercial Code (UCC), specifically Article 9, which is applicable in all states including Rhode Island. This UCC provision ensures uniformity and consistency in commercial transactions throughout the United States. A Rhode Island Financing Statement typically includes various key elements such as: 1. Secured Party Information: This includes the name, address, and contact details of the creditor or secured party who holds the security interest. 2. Debtor Information: This section includes the name, address, and contact details of the debtor who owes the debt and grants the security interest in their personal property. 3. Collateral Description: Here, a detailed description of the collateral being used as security is provided. This may include specific information such as serial numbers, model names, or other identifying characteristics. 4. UCC Filing Number: Once filed, the Rhode Island Financing Statement is assigned a unique UCC filing number. This number serves as a reference for future transactions or inquiries related to the financing statement. In addition to the standard Rhode Island Financing Statement, there are other types or variations of financing statements that may apply in certain situations: 1. Amendment Statement: This type of financing statement is used to modify or amend an existing financing statement. It is filed when there are changes to the original information, such as a change in the debtor's name, address, or collateral description. 2. Termination Statement: A termination statement is filed by the creditor to officially release their security interest in the debtor's collateral. This is typically done when the debt is fully paid off, or when the security interest is no longer required. 3. Continuation Statement: A continuation statement is filed prior to the expiration of a financing statement to extend its validity beyond its initial five-year term. This ensures that the security interest remains valid even after the expiration date. It is essential to file the correct type of Rhode Island Financing Statement to ensure compliance with the laws and to protect the creditor's rights. Adequate and accurate filing of these statements helps establish clear ownership and priority rights in the event of disputes or insolvency proceedings.